A person with good interpersonal skills, knowledge of electrical contracting work, some technical background or prior experience in building industries can begin solar panel business as a very lucrative earning. Many large corporations and local authorities offer lucrative packages to individuals who wish to set up a solar panel business in their areas.
These packages usually include the cost of installing the required infrastructure, including solar panels. However, individuals may also find attractive pay-as-you-go tariffs and royalty structures that may allow them to earn a substantial second income from the panel business.
What You Don’t Need:
It is not necessary to obtain licenses to install and run a solar company in UAE. In fact, in many states, the sale of surplus electricity is not required to be licensed. This is due to the fact that most states are beginning to offer rebates on purchases and installation of solar power systems. For this reason, sales tax and other types of taxes are not necessary to be paid. The only taxes that may be incurred relate to sales of surplus electricity.
What You Need:
- It may be necessary to obtain a license for solar panel installation business to be able to sell excess energy to the utility companies. Most states do not require such a license, but it is highly recommended to obtain one. This is not only to demonstrate responsibility for your customers but also to demonstrate that you have a stable income from which to support yourself.
- Solar panel installation sales tax is based on the amount of energy sold, so a high-energy sales tax can result in higher profits for an established solar panel installation business.
- If you wish to start a solar company, you will need to register a corporation, form a limited liability company or open a limited liability partnership. All three options have their own advantages, so you should explore them all before making a final decision. If you want to save time, you should consider starting your business structure as an LLC rather than as a sole proprietorship.
With an LLC, you are not required to pay income taxes or any other forms of taxes. In addition to being much less expensive to set up, an LLC has the advantage of providing you with more personal freedom by limiting the personal liability of your partners.